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To get Photoshop 7.0 (or 7.0.1 in my case) to work under Windows 7 64-bit, I ran the CD's Autorun under Windows XP service pack 2 compatibility. I also set the same compatibility prefs in Win 7 for the setup.exe file in the Photoshop directory of the CD-ROM.

You'll possibly encounter an error about the scratch disk being full - this is because PS 7 fails to understand big hard drives (the mega free space number looks like an empty disk, it's kinda like a Y2K problem, since PS7 programmers or the API writers never imagined so much free space, I guess). In this case, two things are important:

You need a partition that's less than 1TB (not sure about the size, it's in another thread) for the scratch disk. I used my system's recovery partition (only 2GB free, however). Other advice I found was to create a scratch partition using Windows 7 partitioning. Maybe a USB key would work? Surely not very fast...

PS 7 will fail on startup with the "scratch disk full" error and exit. To get PS 7 to allow you to specify it, hold down CTRL and ALT when the program is launching. You'll be given a chance to indicate the partitions.